Northeast Utilities Retains J.P. Morgan Securities As Its Financial Advisor for the Execution of the Divestiture of Its Competitive Generation and Retail Marketing Businesses
Posted on: Tuesday, 13 December 2005, 15:00 CST
BERLIN, Conn., Dec. 13 /PRNewswire-FirstCall/ -- Northeast Utilities announced today that it has retained J.P. Morgan Securities Inc. as its financial advisor for the execution of its intended divestiture of its competitive generation and retail marketing businesses. The company first announced its intention to divest these businesses and focus on its regulated operations on November 7, 2005, and expects to complete the sale of these assets by mid to late 2006. Net sale proceeds are expected to be applied to debt reduction and capital investment in its regulated businesses.
NU's general financial advisor, Lazard Freres & Co., advised NU with respect to its decisions to divest its competitive businesses and is NU's financial advisor for the disposition of its competitive wholesale business.
The company's 1,440 megawatts of competitive generation are located in Massachusetts and Connecticut and include approximately 1,110 megawatts of pumped storage units, 165 megawatts of conventional hydroelectric generation, 145 megawatts of base load coal-fired generation, and about 20 megawatts of combustion turbine peaking generation. NU's retail marketing business serves approximately 30,000 customer accounts in three power pools in the northeast and mid-Atlantic United States and is expected to generate approximately $1.1 billion in revenues in 2005.
All inquiries regarding these sales should be directed as follows: J.P. Morgan Securities Inc. Paul Dabbar Managing Director (212) 622-2287 J.P. Morgan Securities Inc. Scott DeGhetto Managing Director (212) 622-6924 Lazard Freres & Co. George Bilicic Senior Managing Director (212) 632-1418
NU operates New England's largest energy delivery system, serving approximately 2 million customers in Connecticut, New Hampshire and Massachusetts.
Northeast Utilities
CONTACT: Jeffrey R. Kotkin of Northeast Utilities, +1-860-665-5154
Web site: http://www.nu.com/
Source: PRNewswire-FirstCall
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